2 possible scenarios on XAUUSD
option 1, Price would complete a 5-wave move down to complete a wave C
option 2, Price could trade up higher, making the count to a wave 3 to continue the bigger trend count wave 5
I'm currently observing XAUUSD, which appears to be forming a flat corrective pattern in a 3-3-5 wave structure. There's a potential short setup around the $2475 level, contingent on the price action. This could mark the conclusion of a sub-wave c, completing a wave B.
Keep an eye on the price action as it approaches this zone to confirm the setup.
Based on my personal view, the EURUSD pair may be on the verge of forming a bearish rising flag pattern followed by a corrective wave to the 38.2% Fibonacci retracement level. This setup could pave the way for a continuation of the downtrend, offering a strategic entry point for short positions.
Bearish Rising Flag Formation:
We would need to closely monitor...
Based on my personal view. The EURJPY pair presents an enticing opportunity for traders considering long positions, as recent price movements and technical indicators suggest a favourable setup for potential upside.
1) Reacted from the Breaker Block:
EURJPY recently exhibited a notable reaction from a breaker block. This occurrence signals the strength of support...
